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This question is asking to prepare an adjusted trial balance. I'm not sure where income tax payable, rent payable, and retained earnings go on the trial balance. Also not sure what to do about the bank loan payable for 2024.

This question is asking to prepare an adjusted trial balance. I'm not sure where income tax payable, rent payable, and retained earnings go on the trial balance. Also not sure what to do about the bank loan payable for 2024.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hello,

This question is asking to prepare an adjusted trial balance. I'm not sure where income tax payable, rent payable, and retained earnings go on the trial balance. Also not sure what to do about the bank loan payable for 2024.

Thanks

 

Yanik Financial Services Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, August 31, 2021: Accounts payable $ 2,790 Insurance expense $ 1,120 Accounts receivable 18,330 Interest expense 1,490 Accumulated depreciation-equipment 5,740 Interest payable 1,490 Bank loan payable, due 2024 25,400 Prepaid insurance 3,550 Cash 11,590 Rent expense 17,040 Common shares 4,880 Rent payable 1,280 Depreciation expense 2,160 Retained earnings 5,530 Deferred revenue 700 Salaries expense 19,630 Dividends declared 600 Salaries payable 2,310 Equipment 25,100 Service revenue 56,150 Income tax expense 2,070 Supplies 3,420 Income tax payable 1,560 Supplies expense 1,730
Transcribed Image Text:Yanik Financial Services Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, August 31, 2021: Accounts payable $ 2,790 Insurance expense $ 1,120 Accounts receivable 18,330 Interest expense 1,490 Accumulated depreciation-equipment 5,740 Interest payable 1,490 Bank loan payable, due 2024 25,400 Prepaid insurance 3,550 Cash 11,590 Rent expense 17,040 Common shares 4,880 Rent payable 1,280 Depreciation expense 2,160 Retained earnings 5,530 Deferred revenue 700 Salaries expense 19,630 Dividends declared 600 Salaries payable 2,310 Equipment 25,100 Service revenue 56,150 Income tax expense 2,070 Supplies 3,420 Income tax payable 1,560 Supplies expense 1,730
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